That allowed for a big shoot up in terms of price action as the pair comes up for some air to breathe.
So, what's next for the pair?
But on the week itself, the dollar side of the equation is going to offer up some key risk events. The US jobs report and related data in particular are going to big ones in balancing out dollar sentiment further on the week. So, just be wary of that.
The 50.0 Fib retracement level of the swing lower since September last year is seen at 1.0695 and over time, it should narrow with the 200-day moving average as noted above. So, that will see a key resistance region of around 20-30 pips near 1.0700 as the next key target area for buyers in this latest move.
This article was written by Justin Low at www.forexlive.com. Read More Details
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